Don't take my word for it, but I just spoke with TD and the accounts have to be opened for 90 days and the bonus has to be paid within 140 days, so the accounts can be closed as soon as the bonus is received. That bumps the return if one opens both the checking and the savings, up to 11.587% annualized, if my math is correct.
Hey there. I may be reading your post wrong, so forgive me if I am. I just read the details of the offer, because I've not gone through a TD Bank promotion yet, and am considering it. The way I read it, the account needs to be open for 6 months.
Here is the link for the promotion I was reading about:
https://checkingbonus.tdbank.com/Digital500.html
Down at the bottom of the page in the disclosure section here are the terms related to how long the account has to be open:
"Once the offer criterion is met, the bonus will be credited to the new personal checking and/or savings account no later than 140 days from the account opening date. Account(s) must remain open, active, in good standing and in the same product type through the qualifying period to receive the bonus.
If the checking and/or savings account is closed by the Customer or TD Bank within 6 months after account opening, TD Bank reserves the right to deduct the bonus amount from that account at closing. TD Bank may issue you an IRS Form 1099-MISC or other appropriate forms reporting the value of the bonus. Offer may be withdrawn at any time and is subject to change. TD Bank employees and Canadian cross-border banking Customers are not eligible.Once the offer criterion is met, the bonus will be credited to the new personal checking and/or savings account no later than 140 days from the account opening date. Account(s) must remain open, active, in good standing and in the same product type through the qualifying period to receive the bonus. If the checking and/or savings account is closed by the Customer or TD Bank within 6 months after account opening, TD Bank reserves the right to deduct the bonus amount from that account at closing. TD Bank may issue you an IRS Form 1099-MISC or other appropriate forms reporting the value of the bonus. Offer may be withdrawn at any time and is subject to change. TD Bank employees and Canadian cross-border banking Customers are not eligible."
The question that always comes in my mind, is how can a bank claw back promotion money if the account value is 0 when you close the account? In other words, if you move all money out....then after the transfer is settled, call them to close the account. I've always followed the rules of the promotions....so I have no experience with this kind of "game"....but it has always been a question in my mind.